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In India, the Goods and Services Tax has two components. One is CGST and the other is ____.
- a)UGST
- b)SGST
- c)NGST
- d)
EGST
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
In India, the Goods and Services Tax has two components. One is CGST a...
Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services and has replaced many indirect tax laws that previously existed in India.
There are 3 taxes applicable under this system viz. CGST, SGST and IGST. CGST is collected by the Central Government on an intra-state sale
(Example : transaction happening within Maharashtra), SGST is collected by the State Government on an intra-state sale (Example: transaction happening within Maharashtra) IGST is collected by the Central Government for inter-state sale (Example: Maharashtra to Tamil Nadu).
There are 3 taxes applicable under this system viz. CGST, SGST and IGST. CGST is collected by the Central Government on an intra-state sale
(Example : transaction happening within Maharashtra), SGST is collected by the State Government on an intra-state sale (Example: transaction happening within Maharashtra) IGST is collected by the Central Government for inter-state sale (Example: Maharashtra to Tamil Nadu).
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